Expanding your business into international markets can be a process fraught with complications. From the nuances of local customs to the intricacies of national tax systems, there are many complex factors to consider—but that doesn’t mean expansion isn’t worth the effort. Here are Galvin International’s top tips to help guide your international expansion, so you can grow your business seamlessly.
Research different tax systems
Different countries have different tax systems, and it’s important to make sure you understand these variations. It can be tempting to avoid the task of untangling the red tape that comes with tax, but not getting to grips with your requirements and obligations can lead to issues. Most often these will be inconvenient annoyances, but in extreme cases accidental non-compliance and overpaying can make a noticeable dent in your profits. It is therefore prudent to map out the complexities of an unfamiliar tax system early on, to steer clear of avoidable pitfalls.
Establish strong partnerships
Creating partnerships with respected names within your target market can be a way of gaining useful insight and experience – but there are many other rewards to be reaped. They can provide a point of access to foreign contacts who may otherwise be suspicious of new faces, and help to assure new clients that your business is reliable and respectable.
A partnership can also provide you with access to useful resources and established systems to use while you’re building your own. Instead of a period caught suspended between planning your move and establishing yourself, you can work with your partner on co-marketing campaigns while simultaneously laying your own foundations.
Adapt to your target market
Although it will sometimes be possible, with a few tweaks, to clone previous successful campaigns, don’t underestimate the amount of changes that may need to be made in order to slot into your new market. Even a move such as ensuring date and time formats are consistent with the time zone of your target market can make transactions more efficient and make you more appealing to clients. The same is true of currency displays – as well as demonstrating basic research, they make transactions more efficient and customers more likely to transact.
Don’t fall foul of language and cultural barriers
Adults in the UK are some of the least likely in Europe to speak even one other language with proficiency – and this can have a detrimental effect on business dealings. It can be particularly useful to have a team of translators on-hand to provide their services at a moment’s notice.
It is also important to remember that the language barrier extends to more than just verbal communication. Taking the time to learn and understand local customs and business practices isn’t merely a nicety – easily avoidable faux pas can seriously damage your dealings in an unfamiliar market. An overseas team local to your expansion target can provide you with the insight you need.
Have a focused strategy
It’s important not to overstretch your plans. Focus on a handful of key targets at once, so that you can refine and focus your expansion strategy. This will allow you to develop achievable, localised goals rather than trying to apply the same plan to very different markets.
As experts in the process of international expansion, Galvin International can offer a broad range of services including advice and on-ground support. To find out more about how we can work with you to implement your business expansion, please get in touch.